GBPUSD is displaying a robust upward trend on the 1-hour time frame following its successful breach of the upper Bollinger Bands. This breakout serves as an early indication that buying pressure is gaining dominance in the price movements, coinciding with the establishment of a consistent bullish channel. The price is stabilizing within a pattern of higher highs and higher lows, reflecting a persistent bullish trend structure. As long as the price remains above the middle Bollinger line and does not revert to the previous consolidation channel, the prospects of continued upward movement remain promising.
The strengthening momentum is further reinforced by the upward expansion of the Bollinger Bands, suggesting increased volatility favoring buyers. Additionally, other technical indicators such as Moving Averages and MACD can serve as supplementary confirmations if this bullish trend persists.
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GBPUSD shows the potential for significant gains after successfully breaking above key resistance levels on the 15-minute time frame, indicating a sharp rise in buying pressure. The upward-sloping Moving Average (MA) with a steep incline further solidifies the buyers’ dominance and supports the short-term bullish trend structure. The current price movement stabilizing above the breakout area signals that bullish momentum remains strong, paving the way for GBPUSD to potentially test the 1.35320 level.
Technical References: Buy while above 1.34430
Potential Take Profit 1: 1.35130
Potential Take Profit 2: 1.35320
Potential Stop Loss 1: 1.34600
Potential Stop Loss 2: 1.34430
